XN000022-1993-07-16 — Page 12

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FRIDAY, JULY 16, 1993

APPLICATIONS SHOULD BE SUBMITTED TO THE DIRECTOR OF NO LATER THAN NOON ON AUGUST 13.

FOLLOWING THE EXERCISE, TENDERS FROM THE CONTRACTORS WILL BE INVITED IN OCTOBER THIS YEAR.

HIGHWAYS

PREQUALIFIED

MODERATE INCREASE IN COURT INSOLVENCIES

THE OFFICIAL RECEIVER, MR ROBIN HEARDER, ANNOUNCED THAT FIRST HALF OF THIS YEAR SAW A MODERATE INCREASE IN THE NUMBER OF INSOLVENCIES REACHING THE COURTS.

THE

NEW

AND

THERE WERE 189 NEW COMPULSORY COMPANY LIQUIDATION ORDERS 167 PERSONAL BANKRUPTCY ORDERS IN THE SIX MONTHS COMPARED WITH THE CORRESPONDING FIGURES OF 170 AND 146 FOR THE SAME PERIOD LAST YEAR.

THERE WERE 111 PETITIONS WITHDRAWN OR DISMISSED, COMPARED WITH

THE CORRESPONDING FIGURE OF 89 LAST YEAR.

IT WOULD BE SEEN, THEREFORE, THE TOTAL OF 356 NEW INSOLVENCIES HAD INCREASED BY 12.66 PER CENT WHICH WAS A CONTINUATION OF THE UPWARD TREND SINCE 1990, BUT STILL BELOW THE RECORD NUMBER OF 397 TOTAL NEW INSOLVENCIES FOR THE FIRST HALF OF 1985.

COMPANY

THE BUSINESSES MAINLY AFFECTED BY COMPULSORY LIQUIDATIONS AND BANKRUPTCIES INCLUDED GARMENT AND KNITTING MANUFACTURING, COMPANY DIRECTORS GIVING PERSONAL GUARANTEES, RESTAURANTS AND CANTEENS, IMPORTERS AND EXPORTERS, CONSTRUCTION AND ENGINEERING AS WELL AS ELECTRICAL AND ELECTRONIC MANUFACTURING.

PETITIONS WERE FILED BY THE DIRECTOR OF LEGAL AID (37 PER CENT), TRADE CREDITORS (48 PER CENT), BANKS AND FINANCIAL INSTITUTIONS (14 PER CENT) AND OTHERS (1 PER CENT).

MORE COMPLICATED OR SIGNIFICANT INSOLVENCIES DURING THE FIRST SIX MONTHS OF THIS YEAR WERE META-GROW LIMITED, CONSO ELECTRONICS (FAR EAST) LIMITED AND ENIM OIL COMPANY LIMITED. CANADA SPRINGFIELD (HK) LIMITED, M S UNIVERSE TEXTILE LIMITED, EVEREX SYSTEMS (FAR EAST) LIMITED, EVEREX SYSTEMS PROCUREMENT LIMITED. HEROFORM INDUSTRIES LIMITED, DESSON INVESTMENT COMPANY LIMITED AND SKINK LIMITED.

DURING THE PERIOD, 36 SUMMONSES WERE ISSUED AGAINST DIRECTORS OF COMPANIES IN COMPULSORY LIQUIDATION FOR FAILURE то SUBMIT STATEMENTS OF AFFAIRS TO THE OFFICIAL RECEIVER AND TO KEEP BOOKS AND ACCOUNTS OF WOUND-UP COMPANIES.

THIRTY DIRECTORS WERE CONVICTED. THE TOTAL AMOUNT OF FINES IMPOSED BY THE COURT WAS $202,748.

A DIRECTOR WAS FINED $60,000 IN A SINGLE CHARGE FOR FAILING то PRESERVE THE ACCOUNTING RECORDS OF THE COMPANY.

/TOTAL DIVIDENDS